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Grains move in sympathy with crude Tuesday

(UPI Photo Files)
(UPI Photo Files) | License Photo

CHICAGO, July 15 (UPI) -- Crude oil prices broke sharply Tuesday, pulling support from ethanol and exerting an influence on grain trading on the Chicago Board of Trade.

Corn was off 15 to off 15 1/2; soybeans were off 40 to off 43; wheat was off 7 to off 9 3/4; oats were off 7 1/2 to off 8 1/2.

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Corn support fell with a sharp fall in crude oil prices, down more than $6 per barrel Tuesday. Wheat showed some strength with Egypt in the market and Iraq soon to jump in with a tender for 300,000 metric tons. Soybeans traders looked to the weather, which is forecast as favorable in the near term.

The prices:

Corn: Jul 6.48 1/4, off 15 1/2; Sep 6.66 3/4, off 15 1/2; Dec 6.85 1/4, off 15; Mar 6.97 1/4, off 15.

Soybeans: Jul 15.42, off 40; Aug 15.28, off 40 1/2; Sep 15.16, off 43; Nov 15.31 1/2, off 43.

Wheat: Jul 8.11, off 7; Sep 8.34 3/4, off 7 1/2; Dec 8.57, off 8; Mar 8.70, off 9 3/4.

Oats: Jul 4.32, off 7 1/2; Sep 4.49, off 8 1/2; Dec 4.67, off 7 1/2; Mar 4.75, off 7 1/2.

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